part 2 and 3

Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company's fiscal year-end. The 2020 balance sheet disclosed the following Current assets Receivables, net of allowance for uncollectible accounts of 532,600 3 442,000 During 2021, credit sales were $1760.000, cash collections from customers 51,840,000, and $37.000 in accounts receivable were written off. In addition, $3.200 was collected from a customer whose account was written off in 2020. An aging of accounts receivable at December 31, 2021. reveals the following: Ape Group Percentage of Year-End Receivables in Group 55% 10 20 Percent Uncollectible 51-days 31-120 days Over 130 days le 35 se Required: 1. Prepare summary journal entries to account for the 2021 write-offs and the collection of the receivable previously written off 2. Prepare the year and adjusting entry for bad debts according to each of the following situations: a. Bad debt expense is estimated to be 3 of credit sales for the year b. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the carrying value of accounts receivable to the amount of cash expected to be collected. The allowance for uncollectible accounts 15 estimated to be 10% of the year-end balance in accounts receivable c. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the carrying value of accounts receivable to the amount of cash expected to be collected. The allowance for uncollectible accounts 15 determined by an aging of accounts receivable Required 1 Required 2 Required 3 Prepare the year-end adjusting entry for bad debts. (If no entry is required for a transaction/event, select "No journal required" in the first account field.) NO Transaction General Journal Debit Credit 1 Bad debt expense Allowance for uncollectible accounts 52,800 52.800 2 b Bad debt expense Allowance for uncollectible accounts 3 Bad debt expense Allowance for uncollectible accounts SIS Required 1 Required 2 For situations (a)-(c) in requirem balance sheet? Net account receivable reported 2 e